Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 06ABIDJAN1114, ABIDJAN-BASED REGIONAL STOCK MARKET

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #06ABIDJAN1114.
Reference ID Created Released Classification Origin
06ABIDJAN1114 2006-10-05 08:57 2011-08-24 16:30 UNCLASSIFIED Embassy Abidjan
VZCZCXRO0476
RR RUEHMA RUEHPA
DE RUEHAB #1114/01 2780857
ZNR UUUUU ZZH
R 050857Z OCT 06
FM AMEMBASSY ABIDJAN
TO RUEHC/SECSTATE WASHDC 2002
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
INFO RUEHZK/ECOWAS COLLECTIVE
UNCLAS SECTION 01 OF 02 ABIDJAN 001114 
 
SIPDIS 
 
SIPDIS 
 
TREASURY PASS TO SECURITIES AND EXCHANGE COMMISSION 
 
E.O. 12958: N/A 
TAGS: ECON EFIN IV
SUBJECT: ABIDJAN-BASED REGIONAL STOCK MARKET 
GROWS DESPITE  IVORIAN POLITICAL PROBLEMS 
 
1. (U)  Summary.  The Abidjan-based regional stock market 
(BRVM) recently hosted the EconChief to discuss the current 
expansion of the bourse, its potential, limitations, and its 
place in the evolution of the market economy in Francophone 
West Africa.  Reflecting the regional understanding that Cote 
d'Ivoire remains vital to the zone's long term economic 
importance, the BRVM is healthy and expanding despite Cote 
d'Ivoire's persistent political problems.  End Summary 
 
2.  (U) The Director of the Abidjan Office of the 
Abidjan-based regional stock market (BRVM), Amadou Tiadiane 
BAH, briefed the EconChief at BRVM HQ on the bourse's 
expanding capitalization and its role as an anchor of the 
regional financial network.  While the West African 
Francophone-region stocks and bonds market remains a 
relatively modest player compared to its much larger brethren 
in Lagos and Johannesburg, it is growing, expanding its 
liquidity and attracting more international investors. 
 
Some key BRVM statistics: 
 
-Number of firms listed: 40 
-Number of firms that are Ivorian: 36 
-Total capitalization represented by non-Ivorian firms: over 
50%  (Senegalese telcon Sonatel and Togo-based regional 
banking powerhouse Ecobank together comprise approximately 
1/2 of total BRVM capitalization) 
-Total capitalization of stock exchange, as of (Sept. 29, 
'06):  $5.86 billion (vs. $31.92 billion in the Lagos Stock 
Exchange and $1.2 in Ghana's) 
-YTD Growth of BRVM's Composite (Oct 2, '06):  31% (vs. 35% 
on the Lagos Exchange and 4% on Ghana's) 
-Total capitalization of the BRVM bond market:  $569 million 
-Number of brokers: 20 (9 in Cote d'Ivoire, 3 in Senegal, 3 
in Benin) 
 
History, Operation of the BRVM's Stocks and Bonds Bourses 
 
3.  (U) The BRVM, the world's first regional stock exchange, 
was formed in 1998 under the auspices of the Francophone West 
African Economic Monetary Union (UMOEA) and its regional 
Central Bank (based in Cote d'Ivoire), the BCEAO.  The BRVM 
began with the 20 firms listed on the Ivorian-only exchange 
that had been in existence for 20 years prior to the BRVM's 
inception and has gradually added several firms from other 
West African nations as well as a number of Ivorian 
companies. 
 
4.  (U) The overrepresentation of Ivorian firms (in numbers, 
not capitalization) vis-a-vis those listed from other UMOEA 
countries is related in large measure to the weakness in 
privatization in the region compared to Cote d'Ivoire.  Cote 
d'Ivoire's mid-1990s privatization push (spurred in part by 
the 1994 CFA devaluation) created a natural pool for 
companies eager for public investment, particularly since, by 
Ivorian law, 20% of the shares of privatized firms must be 
made available to the public, and insurance companies are 
mandated to invest a percentage of their capital in the local 
capital markets.  Other Francophone West African countries, 
by contrast, have lagged in privatization efforts. 
 
5.  (U) The BRVM's bond market remains limited in size.  Both 
private and national bonds can be floated, as can bonds from 
the West African Development Bank (BOAD).  Ivorian bonds are 
backed by the country's substantial port receipts, while 
investors demand that other nations' bonds be guaranteed with 
assets, limiting the regional sovereign debt market.  Debt 
floated by Ivorian entities, public and private, dominates 
the BRVM's debt market, comprising over 60% of the total. 
(Note: Ivorian national bonds floated to pay WB arrears in 
May and June of '06 were done so outside of BRVM channels and 
are not included in this figure.  End Note) 
 
6.  (U) Firms listed on the BRVM are scrutinized by the West 
African Regional Securities and Exchange Commission, which 
was created by and continues to be managed by UMOEA.  Listed 
firms are required to be audited, as are brokers. 
 
7.  (U) Trading is done electronically.  Trading takes place 
between 8:30am and 10:30am, with settlement being completed 
by 11:15am.  All trades must be done through brokers, who 
electronically place buy and sell orders via a common 
computer interface allowing all market participants to 
instantly see the actions of the others.  Buy and sell orders 
with matching prices are automatically married during the 
settlement period following the trading morning.  BRVM HQ has 
a public viewing area to allow anyone to watch the trading as 
it goes on.  Daily volume varies greatly, as is frequently 
 
ABIDJAN 00001114  002 OF 002 
 
 
seen in small, relatively illiquid markets. 
 
Recent Expansion 
 
8.  (U) Ecobank, based in Lome but operating in 13 countries 
in West and Central Africa, cross-listed its share on the 
BRVM, Accra and Lagos stock exchanges on September 12.  The 
firm, with its $2.5 billion balance sheet, has added 
substantial liquidity to BRVM, and overnight the 
capitalization of the regional bourse nearly doubled. 
 
9.  (U) BRVM management attributes the exchange's steady, 
positive performance to the inherent profit potential of the 
listed firms as well as favorable tax treatment of investors. 
 As of June 30, 2006, of those firms listed on the BRVM stock 
exchange that had paid dividends, the average annual dividend 
was 10.22%.  Dividends are taxed at a 10% rate, and no 
capital gains taxes are levied.  Bah estimated that between 
20% and 30% of total investment into the BRVM comes from 
foreign (mainly institutional) investors, and that this 
figure is rising.  There are no restrictions on foreign 
ownership or investment in the BRVM. 
Valle